Quarterly Report Q1 2021

1st quarter, 2021 Arcus ASA 2

Contents

Message from the CEO ...... 3 Key figures Q1 2021...... 4 Highlights Q1 2021 ...... 5 Wine: Continued growth and strong margins ...... 6 Spirits: Solid growth across the Nordics ...... 7 Logistics: Increased volume at higher cost ...... 8 Financial position ...... 9 Other information ...... 10 Environmental, Social and Governance (ESG) ...... 11 Group consolidated accounts ...... 12 Notes ...... 17 Contact information ...... 34

For important information for U.S. shareholders, please see “Important Information” on page 29.

1st quarter, 2021 Arcus ASA 3

Message from the CEO The financial results for Arcus ASA in Q1 were very strong. As in 2020, the strong financial performance is mainly a result of a new shopping pattern for wine and spirits due to Covid-19 restrictions. Strongly reduced travel and border trade, and restrictions on hotels, restaurants, and bars, have generated very high volumes in the Nordic monopolies and increased demand for Arcus’ products. Arcus has been well positioned to deliver on this demand thanks to strong product offering in the monopolies and the positive attitude and flexibility among our colleagues throughout the organization.

WINE Revenue increased by 12.6 percent, driven by the extraordinarily high demand at Systembolaget and Vinmonopolet, and further boosted by the early Easter. In Sweden, our sales growth was stronger than the overall market, while market shares declined slightly in Norway vs. very strong comparables. In Finland, sales were lower than Q1 last year, mainly due to lost producers in 2020. Margins improved this quarter due to a favourable product mix with more Bag-in-Box sales and price increases to the monopolies, together with positive effects from stronger NOK and SEK versus EUR. The adjusted EBITDA margin for Wine was 15.9 percent for Q1 2021, compared to 9.7 percent in Q1 2020.

SPIRITS Spirits delivered strong growth during Q1 with reported revenue 8.5 percent higher than Q1 last year. Revenue increased in all the Nordic markets. In Norway, sales of aquavit were especially strong prior to and during Easter. Sales of bitter and vodka increased as well. The continued strong sales in the Nordic markets largely made up for the lost volume in Duty Free Travel Retail. However, Arcus market share declined somewhat for several categories, as sales of well-known international brands have shifted from the travel retail channel to the monopolies during the pandemic. In Germany there was a decrease in revenue due to the Covid-19 restrictions, but Arcus’ products performed better out of stores than the rest of the market. The adjusted EBITDA margin for Spirits was 12.3 percent for Q1 2021, compared to 9.4 percent in Q1 2020.

LOGISTICS Activity in Logistics is still very high, driven by strong sales at Vinmonopolet. In Q1 2021 revenues increased by 3.0 percent. Deliveries were smooth, even though volume by far exceeded the facility’s designed capacity. Despite the high activity, adjusted EBITDA in the first quarter was -4.3 MNOK, a decrease of 2.5 MNOK compared to the same quarter last year. The decrease is mainly explained by higher costs to handle the increased volume, combined with lower revenue per liter due to significant changes in channel and product mix. Adjusted EBITDA margin was -5.4 percent for Q1, compared to -2.3 percent in Q1 last year.

Sigmund Toth Interim Group CEO

Arcus ASA

1st quarter, 2021 Arcus ASA 4

Key figures Q1 2021 CONSOLIDATED GROUP FIGURES MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Total operating revenue 668.8 611.2 668.8 611.2 3 203.7 Gross profit1) 305.8 261.5 305.8 261.5 1 388.0 EBITDA1) 2) 80.5 66.7 80.5 66.7 445.5 EBITDA adjusted1) 2) 102.2 66.6 102.2 66.6 543.5 Pre-tax profit2) 26.7 54.3 26.7 54.3 274.3 Earnings per share, parentcompany shareholders (NOK) 0.25 0.67 0.25 0.67 2.89

Key figures Gross margin1) 45.7 % 42.8 % 45.7 % 42.8 % 43.3 % EBITDA margin1) 12.0 % 10.9 % 12.0 % 10.9 % 13.9 % EBITDA margin adjusted1) 15.3 % 10.9 % 15.3 % 10.9 % 17.0 % Equity ratio1) 28.4 % 32.3 % 28.4 % 32.3 % 28.8 %

Financial position Total equity 1 646.0 1 871.4 1 646.0 1 871.4 1 803.1 Net interest bearing debt (cash)1) 1 665.3 1 868.6 1 665.3 1 868.6 1 576.0 1) Alternative Performance Measure (APM) – see separate chapter for definition and reconciliation.

1

1 Figures for Q1 2021. 2 EBITDA adjusted is EBITDA adjusted for non-recurring effects but is not corrected for foreign exchange effects. See separate chapter/note on APM for reconciliation. “Other” segment represents HQ and eliminations. *Segment elimination includes a positive IFRS 16 adjustment of 24.3 MNOK

1st quarter, 2021 Arcus ASA 5

Highlights Q1 2021

OVERALL PERFORMANCE

• Operating revenue for Q1 2021 was 668.8 MNOK, compared to 611.2 MNOK in Q1 last year (+9.4 percent). Operating revenue increased for all business areas. Organic growth for Q1 was +8.2 percent (4.7 percent April YTD), with an estimated positive currency effect of approximately 7.0 MNOK (positive effect of stronger SEK vs. NOK larger than negative effect of weaker EUR and DKK vs NOK).

• Adjusted EBITDA for Q1 was 102.2 MNOK compared to 66.6 MNOK in Q1 last year (+53.4 percent). Adjusted EBITDA improved in Wine and Spirits but declined in Logistics.

BUSINESS SEGMENTS

• Wine revenues amounted to 425.0 MNOK, compared to 377.3 MNOK in Q1 last year (+12.6 percent). Organic growth was +10.8 percent. Adjusted EBITDA margin was 15.9 percent for Q1 2021, compared to 9.7 percent in Q1 last year.

• Spirits revenues amounted to 216.8 MNOK, compared to 199.7 MNOK in Q1 last year (+8.5 percent). Organic growth was +4.1 percent1. Adjusted EBITDA margin was 12.3 percent for Q1, compared to 9.4 percent in Q1 last year.

• Logistics revenues amounted to 79.9 MNOK compared to 77.6 MNOK in Q1 last year (+3.0 percent). Adjusted EBITDA margin was -5.4 percent for Q1, compared to -2.3 percent in Q1 last year.

OTHER INCOME AND EXPENSES

Other income and expenses amounted to -21.7 MNOK in Q1. This includes -20.6 MNOK of non-recurring costs related to the announced combination between Altia Plc and Arcus ASA (including restructuring costs related to the merger process). Additional details are provided in the merger prospectus, which is available at https://www.arcus.no/en/investor.

1Calculated on external spirits sales

1st quarter, 2021 Arcus ASA 6

Wine: Continued growth and strong margins

MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Total operating revenue 425.0 377.3 425.0 377.3 1 941.7 Gross profit1) 121.0 88.7 121.0 88.7 496.3 1) Gross margin 28.5 % 23.5 % 28.5 % 23.5 % 25.6 % EBITDA1) 64.9 36.3 64.9 36.3 276.7 EBITDA adjusted1) 67.5 36.6 67.5 36.6 289.1 1) EBITDA margin 15.3 % 9.6 % 15.3 % 9.6 % 14.2 % 1) EBITDA margin adjusted 15.9 % 9.7 % 15.9 % 9.7 % 14.9 % 1) Alternative Performance Measure (APM) – see separate chapter for definition and reconciliation.

OPERATING REVENUE In Finland, the growth in Arcus’ sales to Alko were Total operating revenue for Wine was 425.0 MNOK below the market growth in the period. This is mainly for the first quarter, compared to 377.3 MNOK in Q1 explained by the effect from lost producers in 2020, last year. Organic growth was 10.8 percent (6.0 and strong comparables last year as the Arcus percent April YTD), while reported growth was 12.6 portfolio performed very well during the hoarding percent. Reported growth includes 6.3 MNOK in period in March last year. exchange rate effects from the stronger SEK vs. NOK during the quarter. EBITDA The adjusted EBITDA-margin for Wine was 15.9 The restrictions on travel and HORECA related to percent in the first quarter, up from 9.7 percent same COVID-19 still result in significant growth at the period last year. monopolies for the quarter. Volumes at the end of the quarter were more in line with last year, The EBITDA-margin improved because of the strong especially in Norway where volumes increased increase in revenues, significantly improved gross significantly in the last two weeks of March in 2020 margin and steady indirect expenses. when Covid-19 restrictions were implemented. The gross margin improved thanks to a favourable In Sweden, Arcus’ sales growth at Systembolaget was product mix with more Bag-in-Box sales, price above the strong market growth. Growth in the increases to the monopolies and positive currency existing portfolio, new agencies and tender wins effects with strong NOK and SEK against EUR and more than compensated for lost sales of own brands USD. to Systembolaget along the Norwegian border.

In Norway, Arcus’ sales grew less than the fast- WINE growing market this quarter vs. very strong last year Arcus is the largest importer of wine in Norway, the comparables. Arcus’ strong position within the Bag- second largest in Sweden, and the sixth largest in in-Box format resulted in very strong market shares Finland. Arcus imports and markets agency wines, as during the hoarding in March last year, but this year well as Arcus brands. bottles grew more than the Bag-in-Box format at Vinmonopolet, and Arcus sales of bottles did not fully keep up with the market development.

1st quarter, 2021 Arcus ASA 7

Spirits: Solid growth across the Nordics

MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Sales 160.4 153.5 160.4 153.5 872.5 Other revenue 56.4 46.2 56.4 46.2 236.5 Total operating revenue 216.8 199.7 216.8 199.7 1 109.0 Gross profit1) 109.6 99.6 109.6 99.6 537.8 1) Gross margin 50.6 % 49.9 % 50.6 % 49.9 % 48.5 % EBITDA1) 24.1 18.5 24.1 18.5 187.0 EBITDA adjusted1) 26.7 18.8 26.7 18.8 193.1 1) EBITDA margin 11.1 % 9.3 % 11.1 % 9.3 % 16.9 % 1) EBITDA margin adjusted 12.3 % 9.4 % 12.3 % 9.4 % 17.4 % 1) Alternative Performance Measure (APM) – see separate chapter for definition and reconciliation.

OPERATING REVENUE Sales in the DFTR channel was significantly behind Total operating revenue for Spirits in the first quarter last year due to reduced travel. Germany saw a was 216.8 MNOK, compared to 199.7 MNOK for the decrease in revenue due to Covid-19 restrictions, but same period last year, an increase of 8.5 percent. Arcus products performed better out of stores than Organic growth was 4.1 percent1 with strong sales at the rest of the market. Sales to the rest of the world the monopolies (2.0 percent1 April YTD). saw a decline from a very low base. A continuation of Covid-19 restrictions imposed in EBITDA 2020, and an early Easter, contributed to improved The adjusted EBITDA margin for Spirits was 12.3 sales in Norway, Sweden and Finland. Revenue grew percent for Q1 2021, compared to 9.4 percent in Q1 by double digits in all monopoly markets. Large and 2020. well-known international brands performed well at The EBITDA improvement stems from positive effects the monopolies during Covid-19 and put pressure on of recalculation of inventory and increased sales in Arcus market shares. Market share in Norway was the Nordic markets combined with stable indirect down as Arcus growth was not fully in step with the costs. The constribution from the associated market, but Arcus defended market share in the key company Tiffon was lower than last year. aquavit category. The closed border led to lower sale of Norwegian brands at Systembolaget’s stores close SPIRITS to Norway and a small reduction in market share in Arcus is a global leader in aquavit with brands such as Sweden. In Finland, Arcus still gained market shares Gammel Opland, Linie, Løiten and Aalborg. Other due to the expanded partner portfolio. important categories are bitter (Gammel Dansk), vodka (Vikingfjord, Kalinka, Amundsen and Dworek) In Denmark, sales were up due to an early Easter. The and cognac (Braastad). Key markets are Norway, strong sales of aquavit prior to Easter also resulted in Denmark, Sweden, Finland, Germany and Duty Free overall market share gain for Arcus in the period. Travel Retail (DFTR). Arcus brands are produced and bottled at Gjelleråsen, outside Oslo.

1 Calculated on external spirits sales 1st quarter, 2021 Arcus ASA 8

Logistics: Increased volume at higher cost

MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020

Total operating revenue 79.9 77.6 79.9 77.6 372.8 Gross profit1) 79.9 77.6 79.9 77.6 372.8 1) Gross margin 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % EBITDA1) -4.7 -1.8 -4.7 -1.8 0.1 EBITDA adjusted1) -4.3 -1.8 -4.3 -1.8 1.7 1) EBITDA margin -5.8 % -2.3 % -5.8 % -2.3 % 0.0 % 1) EBITDA margin adjusted -5.4 % -2.3 % -5.4 % -2.3 % 0.4 % 1) Alternative Performance Measure (APM) – see separate chapter for definition and reconciliation.

VOLUME Revenue per liter was down by 8.6 percent, due to Distributed volume in the first quarter was 14.5 shifts in both channel- and product-mix. Deliveries to million liters, an increase of 1.6 million liters from Vinmonopolet are, on average, priced lower per unit the same quarter last year. The volume growth was than other channels, due to lower complexity and driven solely by higher sales to Vinmonopolet, as higher dropsizes for these deliveries. volumes to HORECA and wholesalers were significantly lower due to Covid-19 measures. EBITDA Adjusted EBITDA in the fourth quarter was -4.3 Volumes to Vinmonopolet increased by 22.9 percent MNOK, a decrease of 2.5 MNOK compared to the and by the end of the first quarter, Vectura’s share same quarter last year. The decrease in EBITDA is of deliveries to Vinmonopolet was 49.9 percent, mainly explained by higher costs to handle the compared to 53.1 percent by the end of same increased volume, combined with lower revenue per quarter last year. Half of the decline is due to an liter due to significant changes in channel and unusually high share last year, while the rest is due product mix. to one lost customer-group from October 2020. Higher volumes force a greater share of the Distributed volume in the HORECA-channel ended production to nights and weekends, at significantly 89.7 percent lower compared to last year, as most higher cost. This more than offsets positive effects bars and restaurants have experienced significantly from reduced complexity in the distribution. reduced activity due to Covid-19 measures. This also Implementation of several measures to prevent affected sales to other wholesalers which decreased Covid-19 has also reduced productivity slightly, by 38.0 percent compared to the first quarter last increasing warehouse cost per liter. year. LOGISTICS

Vectura is the leading integrated logistics service OPERATING REVENUE provider for alcoholic-beverage importers in Norway. Operating revenue increased by 3.0 percent to 79.9 Vectura serves both Arcus-Gruppen AS and external MNOK in the quarter, compared to 77.6 MNOK in customers. Vectura is located next to Arcus’ the same quarter last year (2.8 percent April YTD). production facility at Gjelleråsen, outside Oslo The increase was driven by sales to Vinmonopolet.

1st quarter, 2021 Arcus ASA 9

Financial position

CASH FLOW AND FINANCIAL POSITION Reported net cash flow from operations before tax costs this year almost off-set the improvement in in Q1 2021 was -31.0 MNOK, compared to 12.8 adjusted EBITDA. MNOK in Q1 2020 (change of -43.7 MNOK). At end of the quarter, and on average for the year Cash flow from operations is usually negative in Q1 2020, working capital levels were well below last due to a seasonal effect for the quarter with year both in absolute terms and as a percentage of settlement of alcohol tax and VAT payables related sales. to high Christmas sales. This effect was even Net interest bearing debt was 1,665.3 MNOK stronger than normal this year due to higher-than- compared to 1,868.6 MNOK at the end of Q1 2020. normal sales in Q4 2020 due to Covid-19. Excluding IFRS 16 effects, it was 554.6 MNOK vs In addition, last year’s reported cash flow was 731.9 MNOK last year. The strong cash flow in 2020 boosted by positive FX translation effects on foreign has significantly increased the cash position, and in currency cash balances as the NOK had weakened addition the long-term loan in SEK is reduced when significantly against other main currencies towards reported in NOK due to weaker SEK vs NOK at the the end of the quarter. Changes in profitability had end of the quarter this year, both effects reduce net limited effects on cash flow as higher non-recurring debt compared to last year.

1st quarter, 2021 Arcus ASA 10

Other information

FASTEST GROWING WHITE convenient ready-to-serve cocktail flavours ideal and WINE BOX AT ready for sharing among friends. Classic Cocktails is VINMONOPOLET currently available in a classic mojito as well as in a During Q1, the Wongraven raspberry mojito variant with further flavours Morgenstern Riesling Bag-in- Box (BiB) was the white wine planned for launch in 2021. BiB that grew the most in PLANNED ALTIA-ARCUS MERGER absolute liters compared to Altia and Arcus continue to be fully committed to last year at Vinmonopolet. the Merger. In April, Altia received conditional This high-quality Riesling is young and fresh with a approval for the merger between Arcus and Altia juicy touch of citrus and peach, some herbs, spices from the Finnish Competition and Consumer and minerals. Authority (FCCA) and from the Swedish Competition Authority (SCA), and in May from The Norwegian CLASSIC COCKTAIL SUCCESS Competition Authority (NCA). Since its local launch in 2018, The completion of the Merger may be delayed to the Arcus’ pre-mixed 1,5L bag-in- fall of 2021, since a binding agreement on the box cocktail offering has seen divestments required by the NCA and FCCA must be impressive growth in entered into prior to the completion of the Merger. Denmark and is now available The divestment processes have been initiated, and negotiations with several potential buyers are to consumers from most ongoing. major Danish retail chains. Classic Cocktails offers consumers a range of

4th quarter, 2020 Arcus ASA 11

Environmental, Social and Governance (ESG)

PROACTIVE COVID-19 INITIATIVES SUSTAINABILITY ASSESSMENT There has been no Covid-19 infection at Arcus’ Wine Sweden has bottling and warehouse facility at Gjelleråsen since been conducting a late November. All employees continue to be sustainability regularly tested, and there is a wide are of various assessment of 260 proactive measures. companies part of their product´s value chain. The aim has AWARDED “PLASTLØFTEPRISEN 2021” been to collect data and identify sustainability risk. Arcus was awarded with Next step will be a digital follow-up program during “Plastløftprisen 2021” in the the summer of 2021. category «Best example of packaging design for recycling», by Green Dot Norway. Arcus has committed to Plastløftet and have set ambitious goals is to reduce plastic consumption by 30 percent, in addition to at least 50 percent of the plastic we use being recycled within 2025. For the second year in a row, Arcus has achieved its goals.

1st quarter, 2021 Arcus ASA 12

Group consolidated accounts

The interim financial statement has not been audited.

CONDENSED STATEMENT OF INCOME

MNOK First quarter Year to date Full Year Note 2021 2020 2021 2020 2020 Sales 2,9 659.5 595.1 659.5 595.1 3 156.4 Other revenue 2 9.3 16.1 9.3 16.1 47.3 Total operating revenue 2,9 668.8 611.2 668.8 611.2 3 203.7 Cost of goods -363.0 -349.6 -363.0 -349.6 -1 815.7 Gross Profit 305.8 261.5 305.8 261.5 1 388.0 Gain on sale of fixed assets 0.4 0.1 0.4 0.1 0.9 Salaries and personnel cost -127.1 -118.5 -127.1 -118.5 -521.6 Advertising & Promotion expenses (A&P) -21.2 -20.3 -21.2 -20.3 -111.1 Other operating expenses -55.8 -57.4 -55.8 -57.4 -215.7 Share of profit from AC1) and JCE2) 0.1 1.3 0.1 1.3 2.9 Other income and expenses 3 -21.7 0.1 -21.7 0.1 -98.0 EBITDA 80.5 66.7 80.5 66.7 445.5 Depreciation 5,6 -29.7 -28.7 -29.7 -28.7 -115.3 Amortisations 5,6 -2.1 -2.7 -2.1 -2.7 -8.4 Operating profit (EBIT) 48.7 35.4 48.7 35.4 321.8 Financial income 12 7.3 79.0 7.3 79.0 114.8 Financial expenses 7,10,12 -29.3 -60.1 -29.3 -60.1 -162.3 Pre-tax profit 26.7 54.3 26.7 54.3 274.3 Tax -9.5 -8.6 -9.5 -8.6 -74.4 Profit/loss for the year 17.3 45.7 17.3 45.7 199.9 Profit/loss for the year attributable to parent company shareholders 16.7 45.4 16.7 45.4 196.8 Profit/loss for the year attributable to non-controlling interests 0.6 0.3 0.6 0.3 3.1

Earnings per share, continued operations 0.25 0.67 0.25 0.67 2.89 Diluted earnings per share, continued operations 0.25 0.64 0.25 0.64 2.80 1)Associated Companies, 2)Jointly Controlled Entities

1st quarter, 2021 Arcus ASA 13

CONDENSED STATEMENT OF OTHER COMPREHENSIVE INCOME

MNOK First quarter Year to date Full Year Note 2021 2020 2021 2020 2020 Profit/loss for the year 17.3 45.7 17.3 45.7 199.9

Items that will not be reclassified against the statement of income Change in actuarial gains and losses pensions 0.0 0.0 0.0 0.0 -0.4 Tax on change in actuarial gains and losses pensions 0.0 0.0 0.0 0.0 0.1 Total 0.0 0.0 0.0 0.0 -0.3 Items that may be reclassified against the statement of income Translating differences in translation of foreign subsidiaries -55.0 162.4 -55.0 162.4 69.5 Tax on translating differences in translation of foreign subsidiaries 0.0 0.0 0.0 0.0 0.0 Total -55.0 162.4 -55.0 162.4 69.5 Total other comprehensive income -55.0 162.4 -55.0 162.4 69.2 Total comprehensive income for the year -37.7 208.1 -37.7 208.1 269.1 Total comprehensive income for the year attributable to parent company shareholders -38.1 205.7 -38.1 205.7 265.6 Total comprehensive income for the year attributable to non- controlling interests 0.4 2.4 0.4 2.4 3.4

1st quarter, 2021 Arcus ASA 14

CONDENSED STATEMENT OF FINANCIAL POSITION

MNOK First quarter Full Year Note 31.03.2021 31.03.2020 31.12.2020

Intangible assets 6 1 930.5 2 080.1 1 984.5 Tangible assets 5 1 368.8 1 427.0 1 391.9 Deferred tax asset 43.3 79.4 49.0 Financial assets 67.8 69.8 71.2 Total fixed assets 3 410.4 3 656.4 3 496.7 Inventories 552.9 532.7 559.7 Accounts receivables and other receivables 1 515.3 1 404.5 1 730.9 Cash and cash equivalents 324.8 206.0 481.6 Total current assets 2 393.1 2 143.3 2 772.3 Total assets 5 803.5 5 799.6 6 269.0

Paid-in equity 772.1 772.1 772.1 Retained earnings 868.4 1 094.4 1 024.3 Non-controlling interests 5.5 4.9 6.7 Total equity 1 646.0 1 871.4 1 803.1 Non-current liabilities to financial institutions 8 731.2 774.3 777.6 Non-current liabilities at fair value through profit or loss 7,10 7.7 59.6 6.5 Non-current lease liabilities 8 1 180.1 1 140.0 1 200.5 Pension obligations 17.7 18.5 19.7 Deferred tax liability 107.6 118.3 112.7 Other non-current liabilities 0.1 0.3 0.2 Total non-current liabilities 2 044.5 2 111.0 2 117.1 Current liabilities at fair value through profit or loss 7,10 46.9 0.0 70.7 Current finance lease liabilities 8 75.6 155.1 75.7 Tax payable 4.3 4.9 6.9 Dividend payable 112.9 0.0 0.0 Accounts payable and other payables 1 873.3 1 657.3 2 195.5 Total current liabilities 2 113.0 1 817.3 2 348.8 Total equity and liabilities 5 803.5 5 799.6 6 269.0

1st quarter, 2021 Arcus ASA 15

CONDENSED STATEMENT OF CHANGES IN EQUITY

MNOK 31.03.2021 31.03.2020 Attributed Attributed to to equity equity holders of Non- holders of Non- the parent controlling the parent controlling Total Statement of changes in equity Note company interest Total equity company interest equity Equity 1 January 1 796.4 6.7 1 803.1 1 658.3 3.9 1 662.2 Total comprehensive income for the period -38.1 0.4 -37.7 205.7 2.4 208.1 Dividends -117.7 -1.6 -119.4 0.0 0.0 0.0 Sharebased payments 10,11 0.0 0.0 0.0 1.1 0.0 1.1 Equity at the end of period 1 640.5 5.5 1 646.0 1 866.7 4.7 1 871.4

In several of the Group’s wine companies, there are managing directors with non-controlling interests. Most of these managing directors have put options associated with their ownership, which they can exercise at a certain point of time in the future. Although the Group does not have control of the shares at the end of the reporting period, the Group also does not control the possible exercise of the put option. Because of this, these non-controlling interests where the managing director have put options related to their shares, are recognized as though they are owned by the Group. The presented remaining non-controlling interest in the equity is non-controlling interests where there are no put-options associated.

1st quarter, 2021 Arcus ASA 16

CONDENSED STATEMENT OF CASHFLOW

MNOK First quarter Year to date Full Year Note 2021 2020 2021 2020 2020 Pre-tax profit 26.7 54.3 26.7 54.3 274.3 Depreciation and amortisations 5,6 31.8 31.4 31.8 31.4 123.7 Received dividend from associated companies 0.4 1.0 0.4 1.0 1.0 Net interest in period 16.4 26.6 16.4 26.6 80.7 Other items without cash effect -9.4 5.0 -9.4 5.0 19.1 Change in inventories 6.8 -46.1 6.8 -46.1 -73.1 Change in receivables 218.2 1.6 218.2 1.6 -353.5 Change in payables -321.8 -61.1 -321.8 -61.1 476.3 Cash flow from operating activities before tax -31.0 12.8 -31.0 12.8 548.5 Tax paid -8.6 -11.9 -8.6 -11.9 -14.7 Cash flow from operating activities -39.6 0.9 -39.6 0.9 533.9 Proceeds from sale of tangible & intangible fixed assets 0.4 0.1 0.4 0.1 0.9 Payments on acquisition of tangible & intangible fixed assets 5,6 -5.5 -15.8 -5.5 -15.8 -31.2 Payments on acquisition of Brands 6 0.0 0.0 0.0 0.0 0.0 Payments on acquisition of operations 0.0 0.0 0.0 0.0 0.0 Other investments 0.0 0.0 0.0 0.0 -12.7 Cash flows from investment activities -5.1 -15.7 -5.1 -15.7 -43.0 New debt to financial institutions 8 0.0 -2.5 0.0 -2.5 -2.5 Repayment debt to financial institutions 8 -19.7 -17.6 -19.7 -17.6 -71.4 Change other long term loans 0.0 0.0 0.0 0.0 0.1 Interest paid in period -16.4 -26.5 -16.4 -26.5 -80.6 Paid dividend and Group contributions -6.4 0.0 -6.4 0.0 -117.8 Other financing payments -25.9 0.0 -25.9 0.0 0.0 Cash flow from financing activities -68.3 -46.7 -68.3 -46.7 -272.3 Cash flow from discontinued operations 0.0 0.0 0.0 0.0 0.0 Total cash flow -113.0 -61.5 -113.0 -61.5 218.5 Holdings of cash and cash equivalents at the beginning of period 481.6 205.0 481.6 205.0 205.0 Effect of exchange rate changes on cash and cash equivalents -43.8 62.5 -43.8 62.5 58.1 Holdings of cash and cash equivalents at the end of period 324.8 206.0 324.8 206.0 481.6

Specification of cash and cash equivalents at the end of the period Cash and cash equivalents at the end of the period 324.8 206.0 324.8 206.0 481.6 Overdraft cashpool system at the end of the period 0.0 0.0 0.0 0.0 0.0 Holdings of cash and cash equivalents at the end of period 324.8 206.0 324.8 206.0 481.6

1st quarter, 2021 Arcus ASA 17

Notes

NOTE 1 ACCOUNTING PRINCIPLES The Group’s condensed interim financial statements are prepared according to IAS 34 Interim Financial Reporting. The interim reporting does not include all information that is normally prepared in a full annual financial statement and should be read in conjunction with the Group’s annual financial statement as at 31 December 2020. The Board approved the consolidated financial statement for the year 2020 on 2 March 2021. The accounting principles used in the Group’s interim reporting are consistent with the principles presented in the approved financial statement for 2020. There are no significant effects from adoption of new standards effective as of 1 January 2021. The Group has not voluntarily adopted any other standard that has been issued but is not yet mandatory.

As of March 31th 2021, the following exchange rates have been used in translation of income and financial position figures from subsidiaries with functional currency other than NOK:

Exchange rates Year to date Year end 2021 2020 2020 EUR average rate Income statement items 10.2721 10.4668 10.7408 EUR closing rate Balance sheet items 10.0276 11.5785 10.5053 SEK average rate Income statement items 1.0158 0.9805 1.0239 SEK closing rate Balance sheet items 0.9792 1.0395 1.0419 DKK average rate Income statement items 1.3810 1.4007 1.4408 DKK closing rate Balance sheet items 1.3479 1.5451 1.4118

1st quarter, 2021 Arcus ASA 18

NOTE 2 REVENUES

The following table present the Group’s total external revenues by market:

Group MNOK First quarter Year to date Full Year Total operating revenues 2021 2020 2021 2020 2020 Norway 324.8 271.9 324.8 271.9 1 537.8 Sweden 255.0 236.7 255.0 236.7 1 151.3 Denmark 35.0 32.6 35.0 32.6 157.3 Finland 46.0 47.2 46.0 47.2 266.9 Germany 3.4 4.1 3.4 4.1 56.1 USA 0.0 1.1 0.0 1.1 6.7 DFTR1) 3.5 16.6 3.5 16.6 25.2 Other 1.1 1.0 1.1 1.0 2.4 Total operating revenues 668.8 611.2 668.8 611.2 3 203.7

The following tables present the segments’ total external and internal revenues by market:

Spirits MNOK First quarter Year to date Full Year Total operating revenues 2021 2020 2021 2020 2020 Norway 119.5 100.8 119.5 100.8 625.0 Sweden 43.6 36.1 43.6 36.1 183.0 Denmark 34.6 32.1 34.6 32.1 155.1 Finland 11.5 9.8 11.5 9.8 58.3 Germany 3.4 4.1 3.4 4.1 56.1 USA 0.0 1.1 0.0 1.1 6.7 DFTR1) 3.1 14.6 3.1 14.6 22.5 Other 1.1 1.0 1.1 1.0 2.4 Total operating revenues 216.8 199.7 216.8 199.7 1 109.0

Wine MNOK First quarter Year to date Full Year Total operating revenues 2021 2020 2021 2020 2020 Norway 185.5 142.7 185.5 142.7 790.9 Sweden 205.1 195.0 205.1 195.0 941.2 Finland 34.0 37.0 34.0 37.0 205.4 DFTR1) 0.4 1.9 0.4 1.9 2.7 Total operating revenues 425.0 377.3 425.0 377.3 1 941.7

Logistics MNOK First quarter Year to date Full Year Total operating revenues 2021 2020 2021 2020 2020 Norway 79.9 77.6 79.9 77.6 372.8 Total operating revenues 79.9 77.6 79.9 77.6 372.8 1) DFTR; Duty Free Travel Retail

1st quarter, 2021 Arcus ASA 19

NOTE 3 OTHER INCOME AND EXPENSES Other income and expenses comprises significant positive and negative non-recurring items and restructuring costs. The main purpose of this item is to show these significant non-recurring and non-periodic items, so that the development and comparability of the ordinary items presented in the statement of income are more relevant for the activities. Other income and expenses during Q1 are mainly related to transaction costs and compensations regarding the announced combination agreement with Altia. These costs are mainly booked in Arcus ASA which is included in segment Other.

Group MNOK First quarter Year to date Full Year Other income and expenses 2021 2020 2021 2020 2020 Salary & personnel cost -13.7 0.0 -13.7 0.0 -25.6 Other operating expenses -8.0 0.1 -8.0 0.1 -72.4 Other income and expenses -21.7 0.1 -21.7 0.1 -98.0

Spirits MNOK First quarter Year to date Full Year Other income and expenses 2021 2020 2021 2020 2020 Salary & personnel cost -2.4 0.0 -2.4 0.0 -5.3 Other operating expenses -0.2 -0.3 -0.2 -0.3 -0.9 Other income and expenses -2.6 -0.3 -2.6 -0.3 -6.2

Wine MNOK First quarter Year to date Full Year Other income and expenses 2021 2020 2021 2020 2020 Salary & personnel cost -2.6 0.0 -2.6 0.0 -6.6 Other operating expenses 0.0 -0.3 0.0 -0.3 -5.8 Other income and expenses -2.6 -0.3 -2.6 -0.3 -12.4

Logistics MNOK First quarter Year to date Full Year Other income and expenses 2021 2020 2021 2020 2020 Salary & personnel cost -0.3 0.0 -0.3 0.0 -1.1 Other operating expenses 0.0 0.0 0.0 0.0 -0.5 Other income and expenses -0.3 0.0 -0.3 0.0 -1.6

Other MNOK First quarter Year to date Full Year Other income and expenses 2021 2020 2021 2020 2020 Salary & personnel cost -8.3 0.0 -8.3 0.0 -12.6 Other operating expenses -7.8 0.7 -7.8 0.7 -65.2 Other income and expenses -16.1 0.7 -16.1 0.7 -77.8

1st quarter, 2021 Arcus ASA 20

NOTE 4 SEGMENT INFORMATION

MNOK First quarter Year to date Full Year External sales 2021 2020 2021 2020 2020 Spirits 160.4 153.5 160.4 153.5 872.2 Wine 421.0 366.4 421.0 366.4 1 918.2 Logistics 69.1 66.2 69.1 66.2 323.5 Other 9.0 9.0 9.0 9.0 42.4 Total external sales 659.5 595.1 659.5 595.1 3 156.4

MNOK First quarter Year to date Full Year Sales between segments 2021 2020 2021 2020 2020 Spirits 0.0 0.0 0.0 0.0 0.3 Wine 0.1 1.2 0.1 1.2 2.6 Logistics 3.0 2.6 3.0 2.6 12.1 Eliminations -3.1 -3.8 -3.1 -3.8 -15.0 Total sales revenue between segments 0.0 0.0 0.0 0.0 0.0

MNOK First quarter Year to date Full Year External other revenue 2021 2020 2021 2020 2020 Spirits 2.5 2.1 2.5 2.1 8.6 Wine 2.4 8.3 2.4 8.3 15.0 Logistics 4.0 5.1 4.0 5.1 21.5 Other 0.5 0.6 0.5 0.6 2.2 Total external other revenue 9.3 16.1 9.3 16.1 47.3

MNOK First quarter Year to date Full Year Other revenue between segments 2021 2020 2021 2020 2020 Spirits 53.9 44.1 53.9 44.1 227.9 Wine 1.6 1.4 1.6 1.4 6.0 Logistics 3.8 3.7 3.8 3.7 15.7 Other 45.3 45.1 45.3 45.1 180.7 Eliminations -104.6 -94.3 -104.6 -94.3 -430.3 Total other revenue between segments 0.0 0.0 0.0 0.0 0.0

MNOK First quarter Year to date Full Year EBITDA 2021 2020 2021 2020 2020 Spirits 24.1 18.5 24.1 18.5 187.0 Wine 64.9 36.3 64.9 36.3 276.7 Logistics -4.7 -1.8 -4.7 -1.8 0.1 Other -28.2 -10.2 -28.2 -10.2 -113.5 Eliminations 24.3 23.9 24.3 23.9 95.2 Total EBITDA 80.5 66.7 80.5 66.7 445.5

1st quarter, 2021 Arcus ASA 21

MNOK First quarter Year to date Full Year EBIT 2021 2020 2021 2020 2020 Spirits 18.0 12.2 18.0 12.2 161.8 Wine 63.4 34.3 63.4 34.3 270.8 Logistics -8.0 -4.7 -8.0 -4.7 -12.2 Other -29.7 -11.6 -29.7 -11.6 -119.1 Eliminations 5.0 5.1 5.0 5.1 20.5 Total EBIT 48.7 35.4 48.7 35.4 321.8

MNOK First quarter Year to date Full Year Total comprehensive income for the year 2021 2020 2021 2020 2020 Spirits -32.0 190.0 -32.0 190.0 210.3 Wine 28.8 45.1 28.8 45.1 203.5 Logistics -6.6 -5.2 -6.6 -5.2 -7.6 Other -27.4 -15.0 -27.4 -15.0 -111.8 Eliminations -0.5 -6.9 -0.5 -6.9 -25.4 Total comprehensive income for the year -37.7 208.1 -37.7 208.1 269.1

NOTE 5 FIXED ASSETS

MNOK First quarter Year to date Full Year Fixed Assets 2021 2020 2021 2020 2020 Purchase cost at beginning of period 1 922.3 1 863.1 1 922.3 1 863.1 1 863.1 Additions tangible fixed assets 5.5 15.8 5.5 15.8 28.2 Additions user rights through lease 1.8 0.3 1.8 0.3 12.7 Transferred from assets under construction 0.0 0.0 0.0 0.0 -0.7 Adjustment Right Of Use Assets 1) 0.0 0.0 0.0 0.0 26.2 Purchase price, disposed assets 0.0 0.0 0.0 0.0 -12.6 Translation differences -4.1 9.5 -4.1 9.5 5.4 Purchase cost at end of period 1 925.6 1 888.7 1 925.6 1 888.7 1 922.3 Accumulated depreciation at beginning of period -530.3 -431.9 -530.3 -431.9 -431.9 Accumulated depreciation, disposed assets 0.0 0.0 0.0 0.0 12.6 Ordinary depreciation in period -28.1 -27.2 -28.1 -27.2 -109.4 Translation differences 1.6 -2.6 1.6 -2.6 -1.7 Accumulated depreciation at end of period -556.8 -461.7 -556.8 -461.7 -530.3

Book Value at end of period 1 368.8 1 427.0 1 368.8 1 427.0 1 391.9 1) The adjustment right of use Assets reflects changes of lease liabilities from KPI and/or interest updates.

The table above includes both tangible fixed assets and rights of use assets.

1st quarter, 2021 Arcus ASA 22

Specification of split tangible fixed assets and rights of use assets

MNOK First quarter Year to date Full Year Fixed Assets 2021 2020 2021 2020 2020 Tangible fixed assets 161.3 163.3 161.3 163.3 160.6 Right of Use assets 1 207.5 1 263.7 1 207.5 1 263.7 1 231.3 Book value at end of period 1 368.8 1 427.0 1 368.8 1 427.0 1 391.9

Specification of fixed assets per asset category MNOK First quarter Year to date Full Year Fixed Assets 2021 2020 2021 2020 2020 Land, buildings and other real estate 1 048.7 1 096.7 1 048.7 1 096.7 1 067.9 Machinery and equipment 234.2 285.4 234.2 285.4 238.5 Transport & Vehicles 34.9 0.0 34.9 0.0 37.2 Fixtures and fittings, tools, office equipment etc. 13.2 16.1 13.2 16.1 14.4 Assets under construction 37.8 28.8 37.8 28.8 33.9 Book Value at end of period 1 368.8 1 427.0 1 368.8 1 427.0 1 391.9

NOTE 6 INTANGIBLE ASSETS

MNOK First quarter Year to date Full Year Intangible assets 2021 2020 2021 2020 2020 Purchase cost at beginning of period 2 204.3 2 128.2 2 204.3 2 128.2 2 128.2 Addition of intangible assets 0.0 0.0 0.0 0.0 3.2 Transferred from assets under construction 0.0 0.0 0.0 0.0 0.7 Translation differences -50.8 161.6 -50.8 161.6 72.2 Purchase cost at end of period 2 153.5 2 289.8 2 153.5 2 289.8 2 204.3 Acc. depreciation and amortizations at beginning of period -219.8 -205.0 -219.8 -205.0 -205.0 Depreciation in period -1.6 -1.4 -1.6 -1.4 -5.9 Amortisations in period -2.1 -2.7 -2.1 -2.7 -8.4 Translation differences 0.5 -0.6 0.5 -0.6 -0.5 Acc. depreciation and amortizations at end of period -223.0 -209.7 -223.0 -209.7 -219.8

Book Value at end of period 1 930.5 2 080.1 1 930.5 2 080.1 1 984.5

Specification of intangible assets MNOK First quarter Year to date Full Year Intangible assets 2021 2020 2021 2020 2020 Goodwill 1 060.4 1 131.1 1 060.4 1 131.1 1 088.2 Brands 852.4 929.0 852.4 929.0 876.9 Software 17.7 20.0 17.7 20.0 19.4 Book Value at end of period 1 930.5 2 080.1 1 930.5 2 080.1 1 984.5

1st quarter, 2021 Arcus ASA 23

NOTE 7 LIABILITIES AT FAIR VALUE THROUGH PROFIT AND LOSS

MNOK First quarter Year to date Full Year Liabilities at fair value through profit and loss 2021 2020 2021 2020 2020 Book value at beginning of period 77.2 69.3 77.2 69.3 69.3 Additions in period 0.1 0.0 0.1 0.0 1.6 Paid during period -24.7 0.0 -24.7 0.0 -8.5 Changes in value during period 5.7 -14.5 5.7 -14.5 8.6 Interest during period 0.0 0.1 0.0 0.1 0.1 Translation differences -3.8 4.7 -3.8 4.7 6.0 Book value at end of period 54.6 59.6 54.6 59.6 77.2 From this; Current liability 46.9 0.0 46.9 0.0 70.7 Non-current liability 7.7 59.6 7.7 59.6 6.5 Total liabilities through profit and loss 54.6 59.6 54.6 59.6 77.2

Liabilities at fair value through profit and loss consist of put options regarding minority shares in companies included in the Wine business, held by non-controlling interests.

NOTE 8 INTEREST BEARING DEBT

MNOK First quarter Year to date Full Year Interest bearing debt 2021 2020 2021 2020 2020 Debt at beginning of period 2 057.6 2 012.2 2 057.6 2 012.2 2 012.2 New debt in period 1.8 0.3 1.8 0.3 12.7 Value changes 0.0 0.0 0.0 0.0 26.2 Repayments in period -19.8 -17.5 -19.8 -17.5 -71.4 Debt to creditinstitutions in purchased business 0.0 0.0 0.0 0.0 0.0 Translation differences -49.5 79.6 -49.5 79.6 78.0 Interest bearing debt at end of period 1 990.1 2 074.6 1 990.1 2 074.6 2 057.6

Capitalized borrowing costs at beginning of period -3.8 -3.1 -3.8 -3.1 -3.1 Capitalized borrowing costs during period 0.0 0.0 0.0 0.0 -2.5 Amortized borrowing costs during period 0.5 0.4 0.5 0.4 2.0 Translation differences 0.1 -2.5 0.1 -2.5 -0.2 Capitalized borrowing costs at end of period -3.2 -5.2 -3.2 -5.2 -3.8 Book value interest bearing debt at end of period 1 986.9 2 069.4 1 986.9 2 069.4 2 053.8 The table above includes both liabilities to financial institutions and lease obligations.

1st quarter, 2021 Arcus ASA 24

Specification of split liabilities to financial institutions and lease obligations MNOK First quarter Year to date Full Year Interest bearing liabilities 2021 2020 2021 2020 2020 Liabilities to financial institutions 731.2 774.3 731.2 774.3 777.6 Lease obligations 1 255.7 1 295.1 1 255.7 1 295.1 1 276.2 Book value interest bearing debt at end of period 1 986.9 2 069.4 1 986.9 2 069.4 2 053.8

Current interest bearing, including leasing and bank overdraft: MNOK First quarter Year to date Full Year Interest bearing liabilities 2021 2020 2021 2020 2020 Current portion of non-current loans 0.0 0.0 0.0 0.0 0.0 Current portion of non-current lease obligations 75.6 155.1 75.6 155.1 75.7 Bank overdraft 0.0 0.0 0.0 0.0 0.0 Current interest bearing liabilities at end of period 75.6 155.1 75.6 155.1 75.7

The Group’s overdraft facility at SEB is 800 MNOK. The due date on the group’s term loan is 24 October 2022.

1st quarter, 2021 Arcus ASA 25

NOTE 9 TRANSACTIONS WITH RELATED PARTIES

In addition to subsidiaries and associated companies, the Group’s related parties are defined as the owners, all members of the Board of Directors and Group senior management, as well as companies in which any of these parties have either controlling interests, board appointments or are senior staff. All transactions with related parties that are not eliminated in the Group accounts are presented below:

Sale and purchase transactions with related parties

MNOK First quarter Year to date Full Year Purchase of goods and services 2021 2020 2021 2020 2020 Tiffon SA 6.7 16.8 6.7 16.8 51.3 Hoff SA 4.9 4.4 4.9 4.4 20.3 Beverage Link AS 0.0 0.0 0.0 0.0 0.4 Total purchase transactions 11.7 21.2 11.7 21.2 72.0

MNOK First quarter Year to date Full Year Sale of goods and services 2021 2020 2021 2020 2020 Tiffon SA 0.2 1.9 0.2 1.9 2.6 Total sale transactions 0.2 1.9 0.2 1.9 2.6

Receivables and debt at end of period

MNOK 31.03.2021 31.03.2020 31.12.2020 Current receivables from related parties Tiffon SA 0.2 2.2 0.0 Total current receivables from related parties 0.2 2.2 0.0

MNOK 31.03.2021 31.03.2020 31.12.2020 Non-current receivables from related parties Smakeappen AS 0.5 0.5 0.5 Total non-current receivables from related parties 0.5 0.5 0.5

MNOK 31.03.2021 31.03.2020 31.12.2020 Current debt to related parties Tiffon SA 0.7 4.0 4.6 Hoff SA 0.5 1.4 0.9 Beverage Link AS 0.0 0.0 0.4 Total current debt to related parties 1.2 5.3 5.9

1st quarter, 2021 Arcus ASA 26

NOTE 10 FINANCIAL INSTRUMENTS

Categorisations of financial assets and liabilities

Financial instruments at fair value Financial Financial through instruments instruments Total book profit and at amortized at fair value value at end MNOK loss cost through OCI of period Assets Other investments in shares 0.0 0.0 0.3 0.3 Other long term receivables 0.0 0.5 0.0 0.5 Accounts receivables 0.0 1 436.8 0.0 1 436.8 Other receivables1) 0.0 49.5 0.0 49.5 Cash and cash equivalents 0.0 324.8 0.0 324.8 Total financial assets as of first quarter 2021 0.0 1 811.6 0.3 1 811.9 Total financial assets as of first quarter 2020 2.9 1 556.7 0.3 1 559.9

Liabilities Liabilities to financial institutions 0.0 731.2 0.0 731.2 Leasing commitments 0.0 1 255.7 0.0 1 255.7 Liabilities at fair value through profit and loss 54.6 0.0 0.0 54.6 Other non-current term debt 0.0 0.1 0.0 0.1 Accounts payable 0.0 556.2 0.0 556.2 Other current debt2) 0.5 11.7 0.0 12.2 Total financial liabilities as of first quarter 2021 55.0 2 554.9 0.0 2 610.0 Total financial liabilities as of first quarter 2020 59.6 2 643.0 0.0 2 702.6 1) Prepayments are not defined as financial assets according to IFRS, and hence not included in the figures. 2) Accrued costs and public taxes are not defined as financial liabilities according to IFRS, and hence not included in the figures.

Fair value hierarchy

Assets MNOK Level 1 Level 2 Level 3 Book Value Currency derivatives 0.0 0.0 0.0 0.0 Total financial assets 0.0 0.0 0.0 0.0

Liabilities MNOK Level 1 Level 2 Level 3 Book Value Liabilities at fair value through profit and loss 0.0 0.0 54.6 54.6 Currency derivates 0.5 0.0 0.0 0.5 Total financial liabilities 0.5 0.0 54.6 55.0 There has not been any transfers of financial assets or liabilities between levels during the period.

1st quarter, 2021 Arcus ASA 27

Changes financial liabilities, level 3

MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Financial liabilities, level 3, at beginning of period 77.2 69.3 77.2 69.3 69.3 Fair value at the first time of recognition 0.1 0.0 0.1 0.0 1.6 Paid during the period -24.7 0.0 -24.7 0.0 -8.5 Changes in value during the period 5.7 -14.5 5.7 -14.5 8.6 Interest during period 0.0 0.1 0.0 0.1 0.1 Translation differences -3.8 4.7 -3.8 4.7 6.0 Financial liabilities, level 3 at end of period 54.6 59.6 54.6 59.6 77.2 At the end of the period, liabilities measured at fair value, categorized at level 3 in the fair value hierarchy is related to put options held by non-controlling interests in wine companies in Norway and Sweden. The liabilities for these put options are estimated on the basis of pricing mechanisms that underlie the shareholder agreements, discounted to the balance sheet date. The main parameters of price mechanisms share value development measured by EBIT (earnings) until the estimated due date, multiplied by a marketbased multiple. As a basis for EBIT, the Group's budgets and long-term plans towards expected maturity date is used.

NOTE 11 OPTIONS

In connection with the announced combination agreement with Altia, the Group’s sharebased option programme for senior Group Executives and a few other key personnel have been cancelled (during Q3 2020). Provided that the merger will take place, the share option holders will receive a cash settlement compensation equal to the the fair value of the share options. As management assesses completion of the transaction as highly probable, the Group have accounted for a cancellation and settlement of the sharebased option Programme, reflecting the change from equity-based settlement to cashbased settlement.

There have been no effects from this programme in the P&L during 2021.

Changes in outstanding options are shown in the table below:

Number of options First quarter Year to date Full Year 2021 2020 2021 2020 2020 Change in number of options: Outstanding options beginning of period 0 3 095 893 0 3 095 893 3 095 893 Issued during period 0 0 0 0 2 508 879 Forfeited during the period 0 0 0 0 -5 604 772 Outstanding options end of period 0 3 095 893 0 3 095 893 0

1st quarter, 2021 Arcus ASA 28

NOTE 12 FINANCIAL INCOME AND EXPENSES

MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Interest income 1.2 7.0 1.2 7.0 13.6 Other financial income 6.2 72.1 6.2 72.1 101.2 Total financial income 7.3 79.0 7.3 79.0 114.8 Interest cost -16.9 -27.0 -16.9 -27.0 -82.6 Other financial expenses -12.4 -33.1 -12.4 -33.1 -79.6 Total financial expenses -29.3 -60.1 -29.3 -60.1 -162.3

Net financial profit/loss -22.0 18.9 -22.0 18.9 -47.5

NOTE 13 OTHER EVENTS

Events after the close of Q1 2021 Merger between Arcus ASA and Altia Plc Altia and Arcus continue to be fully committed to the Merger. In April, Altia received conditional approval for the merger between Arcus and Altia from the Finnish Competition and Consumer Authority (FCCA) and from the Swedish Competition Authority (SCA), and in May from The Norwegian Competition Authority (NCA).

The completion of the Merger may be delayed to the fall of 2021, since a binding agreement on the divestments required by the NCA and FCCA must be entered into prior to the completion of the Merger. The divestment processes have been initiated, and negotiations with several potential buyers are ongoing.

COVID-19 Arcus has also during Q1 been affected by the global medical and financial crisis following COVID-19. The financial results during Q1 follows the same trend as in 2020. It is still difficult to predict how severely the pandemic will affect the various business areas in a medium- and long-term perspective, but Arcus is optimistic for the sales for 2021.

Arcus follows potential credit loss cases closely and have to some extent also reassessed the loss rates to be applied when estimating provisions for expected credit loss. Arcus does not expect losses on trade receivables to increase significantly.

Other No other significant events have occurred between the close of Q1 and the date on which Arcus’s interim financial statements for Q1 2021 were approved. This applies to events that would have provided knowledge of factors present at the close of Q1 2021, or events concerning matters that have arisen since the close of Q1 2021.

1st quarter, 2021 Arcus ASA 29

Important Information

The securities referred to in this document in relation to the merger have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States (as such term is defined in Regulation S under the U.S. Securities Act) and may not be offered, sold or delivered, directly or indirectly, in or into the United States absent registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable state and other securities laws of the United States. This document does not constitute an offer to sell or solicitation of an offer to buy any of the shares in the United States. Any offer or sale of new Altia shares made in the United States in connection with the merger may be made pursuant to the exemption from the registration requirements of the U.S. Securities Act provided by Rule 802 thereunder.

Altia is a Finnish company and Arcus is a Norwegian company. The transaction, including the information distributed in connection with the merger and the related shareholder votes, is subject to disclosure, timing and procedural requirements of a non-U.S. country, which are different from those of the United States. The financial information included or referred to in this document has been prepared in accordance with IFRS, which may not be comparable to the accounting standards, financial statements or financial information of U.S. companies or applicable in the United States.

It may be difficult for U.S. shareholders of Arcus to enforce their rights and any claim they may have arising under U.S. federal or state securities laws, since Altia and Arcus are not located in the United States, and all or some of their officers and directors are residents of non-U.S. jurisdictions. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court’s judgment. U.S. shareholders of Arcus may not be able to sue Altia or Arcus or their respective officers and directors in a non-U.S. court for violations of U.S. laws, including federal securities laws, or at the least it may prove to be difficult to evidence such claims. Further, it may be difficult to compel Altia or Arcus and their affiliates to subject themselves to the jurisdiction of a U.S. court. In addition, there is substantial doubt as to the enforceability in a foreign country in original actions, or in actions for the enforcement of judgments of U.S. courts, based on the civil liability provisions of the U.S. federal securities laws.

Arcus’ shareholders should be aware that Altia is prohibited from purchasing Arcus’ shares otherwise than under the merger, such as in open market or privately negotiated purchases, at any time during the pendency of the merger under the Merger Plan.

1st quarter, 2021 Arcus ASA 30

Alternative Performance Measures (APM) In the discussion of the reported operating results, financial position, cash flows and notes, the Group refers to certain alternative performance measures (APM), which are not defined by generally accepted accounting principles (GAAP) such as IFRS. Arcus ASA management makes regular use of these alternative performance measures and is of the opinion that this information, along with comparable GAAP measures, is useful to investors who wish to evaluate the company’s operating performance, ability to repay debt and capability to pursue new business opportunities. Such alternative performance measures should not be viewed in isolation or as an alternative to the equivalent GAAP measure.

Gross Profit Gross profit is defined by Arcus ASA as total operating revenue minus the cost of goods sold. Gross margin = Gross profit / Total revenue

Group MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Total operating revenues 668.8 611.2 668.8 611.2 3 203.7 Cost of goods -363.0 -349.6 -363.0 -349.6 -1 815.7 Gross Profit 305.8 261.5 305.8 261.5 1 388.0

Spirits MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Total operating revenues 216.8 199.7 216.8 199.7 1 109.0 Cost of goods -107.2 -100.1 -107.2 -100.1 -571.2 Gross Profit 109.6 99.6 109.6 99.6 537.8

Wine MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Total operating revenues 425.0 377.3 425.0 377.3 1 941.7 Cost of goods -304.0 -288.6 -304.0 -288.6 -1 445.4 Gross Profit 121.0 88.7 121.0 88.7 496.3

Logistics MNOK First quarter Year to date Full Year 2021 2020 2021 2020 2020 Total operating revenues 79.9 77.6 79.9 77.6 372.8 Cost of goods 0.0 0.0 0.0 0.0 0.0 Gross Profit 79.9 77.6 79.9 77.6 372.8

1st quarter, 2021 Arcus ASA 31

Other income and expenses To provide more information in the Group’s consolidated income statement, significant positive and negative non-recurring items and restructuring costs are separated out to a separate line in the statement of income called other income and expenses. Other income and expenses are presented net on this income statement line. See also detailed specifications of what these items include in note 3 relating to the individual line items.

EBITDA and EBITDA Adjusted EBITDA is defined by Arcus ASA as operating profit before depreciation, write down and amortisation. EBITDA adjusted is defined by Arcus ASA as operating profit before depreciation, amortisation and other income and expenses. EBITDA-margin = EBITDA/Total operating revenue EBITDA-margin adjusted = EBITDA adjusted /Total operating revenue Below is a reconciliation from EBIT to EBITDA adjusted:

Group MNOK First quarter Year to date Full Year EBITDA adjusted 2021 2020 2021 2020 2020 EBIT 48.7 35.4 48.7 35.4 321.8 Depreciation, amortisations and write downs 31.8 31.4 31.8 31.4 123.7 EBITDA 80.5 66.7 80.5 66.7 445.5 Other income and expenses 21.7 -0.1 21.7 -0.1 98.0 EBITDA adjusted 102.2 66.6 102.2 66.6 543.5

Spirits MNOK First quarter Year to date Full Year EBITDA adjusted 2021 2020 2021 2020 2020 EBIT 18.0 12.2 18.0 12.2 161.8 Depreciation, amortisations and write downs 6.1 6.3 6.1 6.3 25.2 EBITDA 24.1 18.5 24.1 18.5 187.0 Other income and expenses 2.6 0.3 2.6 0.3 6.2 EBITDA adjusted 26.7 18.8 26.7 18.8 193.1

Wine MNOK First quarter Year to date Full Year EBITDA adjusted 2021 2020 2021 2020 2020 EBIT 63.4 34.3 63.4 34.3 270.8 Depreciation, amortisations and write downs 1.4 2.0 1.4 2.0 5.8 EBITDA 64.9 36.3 64.9 36.3 276.7 Other income and expenses 2.6 0.3 2.6 0.3 12.4 EBITDA adjusted 67.5 36.6 67.5 36.6 289.1

1st quarter, 2021 Arcus ASA 32

Logistics MNOK First quarter Year to date Full Year EBITDA adjusted 2021 2020 2021 2020 2020 EBIT -8.0 -4.7 -8.0 -4.7 -12.2 Depreciation, amortisations and write downs 3.3 3.0 3.3 3.0 12.4 EBITDA -4.7 -1.8 -4.7 -1.8 0.1 Other income and expenses 0.3 0.0 0.3 0.0 1.6 EBITDA adjusted -4.3 -1.8 -4.3 -1.8 1.7

Parent Company MNOK First quarter Year to date Full Year EBITDA adjusted 2021 2020 2021 2020 2020 EBIT -29.7 -11.6 -29.7 -11.6 -119.1 Depreciation, amortisations and write downs 1.5 1.3 1.5 1.3 5.6 EBITDA -28.2 -10.2 -28.2 -10.2 -113.5 Other income and expenses 16.1 -0.7 16.1 -0.7 77.8 EBITDA adjusted -12.1 -10.9 -12.1 -10.9 -35.6

Other definitions alternative performance measures shown in key figures table: Equity ratio Equity ratio = Total equity/Total equity and liabilities

Net interest bearing debt Net interest bearing debt = Liabilities to financial institutions + lease liabilities + bank overdraft - Cash and cash equivalents:

MNOK First quarter Full Year Net interest bearing debt 31.03.2021 31.03.2020 31.12.2020 Non-current liabilities to financial institutions 731.2 774.3 777.6 Book value of Capitalized arrangement fees 3.2 5.2 3.8 Non-current lease liabilities 1 180.1 1 140.0 1 200.5 Current lease liabilities 75.6 155.1 75.7 Cash and cash equivalents -324.8 -206.0 -481.6 Net interest bearing debt 1 665.3 1 868.6 1 576.0

1st quarter, 2021 Arcus ASA 33

Organic growth

Organic revenue growth represents the Segment’s and the Group’s revenues, adjusted for currency effects and structural changes, such as acquisitions or divestitures.

Group MNOK First quarter Year to date Total revenues 2021 2020 2021 2020 Reported total operating revenues 668.8 611.2 668.8 611.2 Currency effects 0.0 7.0 0.0 7.0 Structural changes 0.0 0.0 0.0 0.0 Baseline organic growth 668.8 618.2 668.8 618.2 Growth 9.4 % 9.4 % Organic Growth 8.2 % 8.2 %

Spirits MNOK First quarter Year to date Total revenues 2021 2020 2021 2020 Reported total operating revenues 216.8 199.7 216.8 199.7 Currency effects 0.0 0.5 0.0 0.5 Structural changes 0.0 0.0 0.0 0.0 Baseline organic growth 216.8 200.2 216.8 200.2 Growth 8.5 % 8.5 % Organic Growth 8.3 % 8.3 %

Wine MNOK First quarter Year to date Total revenues 2021 2020 2021 2020 Reported total operating revenues 425.0 377.3 425.0 377.3 Currency effects 0.0 6.3 0.0 6.3 Structural changes 0.0 0.0 0.0 0.0 Baseline organic growth 425.0 383.7 425.0 383.7 Growth 12.6 % 12.6 % Organic Growth 10.8 % 10.8 %

Logistics MNOK First quarter Year to date Total revenues 2021 2020 2021 2020 Reported total operating revenues 79.9 77.6 79.9 77.6 Currency effects 0.0 0.0 0.0 0.0 Structural changes 0.0 0.0 0.0 0.0 Baseline organic growth 79.9 77.6 79.9 77.6 Growth 3.0 % 3.0 % Organic Growth 3.0 % 3.0 %

1st quarter, 2021 Arcus ASA 34

Contact information

CONTACT PERSON Per Bjørkum, interim Group Director Communications and IR WEB Mobile: +47 922 55 777 https://www.arcus.no/en/investor E-mail: [email protected] ANNUAL REPORT VISITING ADDRESS: ANNUAL REPORT 2020 Destilleriveien 11, Hagan, Norway

LINKEDIN MAIL ADDRESS: Arcus ASA Postboks 64, N-1483 Hagan, Norway

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